Market Wrap - Stock Pick — Bristol-Myers Squibb
Steven Schultz from Momentum chose Bristol-Myers Squibb as his stock pick of the day. "My stock pick today is a US-listed bio pharm by the name of Bristol-Myers Squibb. It is a specialist in immune oncology treatments and it's a company that's been around for 80 years so an exceptionally strong balance sheet. It's got a track record as being the first to market and pioneering certain oncology treatments and it has lost that competitive advantage or "first to market" advantage of late, and in April this year we heard the announcement that they would be combining or acquiring a pretty significant competitor called Celgene to the tune of 80 billion. It doesn't matter really how you grade them, whether on a historic basis, a peer relative or just from an earnings perspective we think that they're very cheap they trade at a PE of 13 at the moment and we think they are a decent buy.